$SPY taking another hit as we slide after reaching the top of the range. Yesterday’s so called rally was directed to the fools. The people who trade these markets everyday, and understand how this market really is supposed to act went short during the day yesterday. I think the best way is to keep this read simple by reminding you that today The European committee will continue to discuss how they can continue to kick this can. From my experience when I lived in Europe, those socialists can do a pretty good job. After all the country with the biggest problems, Spain also won the Euro cup, so these have a lot of good kickers.
$SPY 1st support is 136.73, 2nd support 136.08 (just under 100MA), and 3rd is 135.05.
$SPY 1st target is 137.01, 2nd is 137.64, and 3rd is 138.28, and 4th one just for fun is 138.42 (good resistance here).
Trade what you see not what you think.
